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Vendor Landscape: Innovation Management Solutions

Traditional collaboration tools are not enough to ensure innovative ideas are created and matured.

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What matters more, the vendor score or the product score? As you weigh the importance, we will generate the vendor shortlist to match your needs.

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What is a shortlist?

A shortlist is a personalized list of vendors based on the criteria you define. Your shortlist offers more information about vendor's strengths, weaknesses, price-points, etc, and ranks them according to your needs.

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What is a Value Score?

The Value Score indexes each vendor’s product offering and business strength relative to their price point. It does not indicate vendor ranking.

Vendors that score high offer more bang for the buck (e.g. features, usability, stability, etc.) than the average vendor, while the inverse is true for those that score lower.

Price-conscious enterprises may wish to give the Value Score more consideration than those who are more focused on specific vendor/product attributes.

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Your Challenge

  • Organizations struggle to be constantly innovative within their market.
  • A frustration for most organizations is that senior management is not aware of all the good ideas their employees or customers may have to improve business processes, products, or services. 
  • If organizations do not take action to ensure that ideas are generated, recorded and matured, they will find themselves stagnant with innovation.

Our Advice

Critical Insight

  • Don’t expect purchasing an Innovation Management tool to solve your innovation problems. They must be augmented with the right culture, people, and processes to ensure that the best ideas are created and have the resources to get implemented.
  • Innovation management platforms are specialized collaboration tools - they focus on generating and maturing ideas.
  • There is a range of feature depth within all the tools, however each tool will have strengths along the particular steps of an ideation value chain, from framing and investigating the problem, to prioritizing ideas and establishing workflows. Be sure to take these into account when making a buying decision.

Impact and Result

  • Avoid overpaying for unnecessary advanced features. Buy according to enterprise requirements and existing investments in collaboration tools.
  • These tools can help breakdown hierarchical barriers by increasing visibility and identifying innovation influencers within your organization.

Research & Tools

1. Narrow down a list of Innovation Management software vendors

Focus on investing in features that meet enterprise needs.

2. Compare leading vendors and develop a shortlist

Select the most suitable Innovation Management software vendor based on your unique needs.

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Search Code: 58829
Published: June 25, 2013
Last Revised: June 25, 2013

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